Principles of Cost Accounting
17th Edition
ISBN: 9781305087408
Author: Edward J. Vanderbeck, Maria R. Mitchell
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 18Q
Normally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the materials account in the general ledger?
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Group of answer choices
raw materials inventory
administrative expenses
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manufacturing overhead
Chapter 2 Solutions
Principles of Cost Accounting
Ch. 2 - What are the two major objectives of materials...Ch. 2 - Prob. 2QCh. 2 - What factors should management consider when...Ch. 2 - Prob. 4QCh. 2 - What kind of information and data are needed to...Ch. 2 - How would you define the term economic order...Ch. 2 - What kind of information and data are needed to...Ch. 2 - What factors should be considered when determining...Ch. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Proper authorization is required before orders for...Ch. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Normally, a manufacturer maintains an accounting...Ch. 2 - Prob. 19QCh. 2 - Why do companies adopt the LIFO method of...Ch. 2 - Prob. 21QCh. 2 - Prob. 22QCh. 2 - Prob. 23QCh. 2 - Prob. 24QCh. 2 - Prob. 25QCh. 2 - Prob. 26QCh. 2 - Prob. 27QCh. 2 - Prob. 28QCh. 2 - A manufacturing process may produce a considerable...Ch. 2 - After a product is inspected, some units may be...Ch. 2 - Order Point Pershing, Inc. expects daily usage of...Ch. 2 - Economic order quantity; order cost; carrying cost...Ch. 2 - Economic order quantity; order cost; carrying cost...Ch. 2 - Journalizing materials requisitions Penrose...Ch. 2 - Recording materials transactions Prepare a journal...Ch. 2 - PurrChems raw materials records contained the...Ch. 2 - Using first-in, first-out perpetual inventory...Ch. 2 - LIFO costing Using last-in, first-out perpetual...Ch. 2 - Using the weighted average method of perpetual...Ch. 2 - Prob. 10ECh. 2 - Renfro, Inc. was franchised on January 1, 2016. At...Ch. 2 - Recording materials transactions Craig Products...Ch. 2 - Recording materials transactions Broadwell...Ch. 2 - JIT and cost control Matsui Industries produces...Ch. 2 - Kenkel, Ltd. uses backflush costing to account for...Ch. 2 - For E2-15, prepare any journal entries that would...Ch. 2 - Davis Co. uses backflush costing to account for...Ch. 2 - For E2-17, prepare any journal entries that would...Ch. 2 - A machine shop manufactures a stainless steel part...Ch. 2 - Spoiled work Roger Company manufactures tennis...Ch. 2 - Defective work Herbert Electronics manufactures an...Ch. 2 - Perry Co. predicts it will use 25,000 units of...Ch. 2 - Prob. 2PCh. 2 - Economic order quantity; tabular computation Lopez...Ch. 2 - In P2-3, assume that the company desires a safety...Ch. 2 - Inventory costing methods The purchases and issues...Ch. 2 - Inventory costing methods The following...Ch. 2 - Terrills Transmissions uses a job order cost...Ch. 2 - Prob. 8PCh. 2 - Tuscany Products, Inc. uses a job order cost...Ch. 2 - Prob. 10PCh. 2 - JIT and cost control Langray, Ltd. produces 50,000...Ch. 2 - Backflush costing Russell Corp. uses backflush...Ch. 2 - Webster Company uses backflush costing to account...Ch. 2 - An examination of Buckhorn Fabricators records...Ch. 2 - One of the tennis rackets that Ace Sporting Goods...Ch. 2 - Lloyd Industries manufactures electrical equipment...Ch. 2 - Review Problem for Chapters 1 and 2 UltraLift...Ch. 2 - Financial and Nonfinancial Aspects of Changing to...Ch. 2 - Prob. 2MC
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- Why is the manufacturing overhead account debited as expenses are recognized and then credited when overhead is applied?arrow_forwardIn a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods soldarrow_forwardWhen raw materials are purchased, the cost is debited to an inventory account called ________. The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger. Materials are issued from the storeroom to production based on a form called the ________. Direct labor is debited to the ________ inventory account.arrow_forward
- What does the credit side of manufacturing overhead control account has?arrow_forwardWhich of the following would be included in the journal entry to record the requisition of indirect materials? a. Debit to Manufacturing Overhead b. Debit to Materials inventory c. Debit to Finished Goods Inventory d. Debit to Work in process inventoryarrow_forwardIdentify the journal entry for indirect material returns to stores. a. Dr.Material inventory, Cr.Work in process inventory b. Dr.Material inventory, Cr.Factory overheads c. Dr.Work in process inventory, Cr.Material inventory d. Dr.Factory overheads, Cr.Material inventoryarrow_forward
- Which document serve as a subsidiary ledger for the general ledger balance of work in process inventory? Group of answer choices labor time tickets material requisitions job cost sheets material stockcards all of the above answersarrow_forwardIdentify the journal entry for indirect material return to supplier. a. Dr.Material inventory, Cr.Work in process inventory b. Dr.Accounts payable, Cr.Material inventory c. Dr.Production overheads, Cr.Work in process inventory d. Dr.Material inventory, Cr.Accounts payablearrow_forwardWhen direct and indirect materials are issued into production from storage, an entry is made a.debiting Work in Process and crediting Materials. b.debiting Factory Overhead, crediting Work in Process, and crediting Materials. c.debiting Work in Process, debiting Factory Overhead, and crediting Materials. d.debiting Materials, crediting Work in Process, and crediting Factory Overhead.arrow_forward
- When materials are received, employees count and inspect them and record the items’ quantity and cost on a receiving report. True or False?arrow_forwardWhich of the following accounts would be debited to record the assignment of indirect materials? Group of answer choices Work-in-process inventory Manufacturing overhead Supplies expense Costs of goods soldarrow_forward1.The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger. 2.Materials are issued from the storeroom to production based on a form called the ________. 3.Direct labor is debited to the ________ inventory account.arrow_forward
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